Refinance 15 Year Calculator

Use our refinance 15 year calculator to estimate your potential mortgage savings when switching from a 30-year loan to a 15-year term. This tool helps you compare monthly payments, total interest paid, and payoff dates for both loan terms.

How to Use This Calculator

Enter your current mortgage details and new loan terms to see how refinancing to a 15-year mortgage could affect your payments and savings. The calculator shows:

Your current monthly payment
Your new 15-year monthly payment
Total interest paid over the life of the loan
Payoff date comparison
Potential savings

For the most accurate results, use your exact current loan balance, interest rate, and remaining term. The calculator assumes you'll make all payments on time and at the same rate.

How Refinancing Works

Refinancing means replacing your current mortgage with a new loan. When you refinance to a 15-year term, you typically get a lower interest rate, which reduces your monthly payment. Here's what happens:

You apply for a new loan with your lender
Your lender evaluates your credit and financial situation
If approved, they close on the new loan
They pay off your existing mortgage
You begin making payments on the new 15-year term

Refinancing typically requires good credit (620+ FICO score) and closing costs of 2-5% of the loan amount. You may need to pay private mortgage insurance if you have less than 20% equity.

15-Year vs 30-Year Refinancing

Here's how a 15-year refinance compares to a 30-year refinance:

Feature	15-Year Refinance	30-Year Refinance
Typical interest rate	Lower (often 2-4% lower)	Higher
Monthly payment	Lower	Higher
Total interest paid	Less	More
Payoff date	Earlier (15 years from today)	Later (30 years from today)
Closing costs	Higher (typically 2-5% of loan)	Lower (typically 2-4% of loan)

While a 15-year refinance saves you money on interest, the higher closing costs and lower monthly payments mean you'll pay more in total over the life of the loan. The decision depends on your financial goals and situation.

Worked Examples

Example 1: Current 30-Year Loan

Current loan balance: $200,000
Current interest rate: 6.5%
Remaining term: 25 years
New 15-year interest rate: 5.5%

Your current monthly payment would be approximately $1,100. After refinancing to a 15-year term at 5.5%, your new monthly payment would be about $1,300. You'd save about $8,000 in interest over 15 years but pay about $20,000 more in total over the life of the loan.

Example 2: Current 15-Year Loan

Current loan balance: $300,000
Current interest rate: 5.0%
Remaining term: 10 years
New 15-year interest rate: 4.5%

Your current monthly payment is about $2,100. After refinancing to a new 15-year term at 4.5%, your payment would be about $2,300. You'd save about $12,000 in interest but pay about $40,000 more in total over the life of the loan.

Frequently Asked Questions

Is refinancing to a 15-year term right for me?

Refinancing to a 15-year term can save you money on interest but may not be right if you plan to stay in your home for more than 15 years. Consider your financial goals, credit score, and ability to handle higher monthly payments.

How much can I save with a 15-year refinance?

You can typically save 20-40% on interest by refinancing to a 15-year term, depending on your current interest rate and loan balance. The exact savings depend on your specific financial situation.

What are the closing costs for a 15-year refinance?

Closing costs for a 15-year refinance are typically 2-5% of the loan amount, which is higher than for a 30-year refinance. These costs may include appraisal fees, title insurance, and origination fees.